Ongoing Service(s) and Maintenance For bank-owned “Own Your Own” Premium Finance Companies

Third Party Administration For bank-owned “Own Your Own” premium finance companies

• When a bank client of Automated Installment Systems, Inc. (AIS) flips the switch and their “Own Your Own” premium finance company is up and running, AIS, as the third party administrator for the bank-owned premium finance company, handles all the details of the premium finance company for our bank client including and not limited to:

  • Administration.
  • Billing.
  • Collection.
  • Customer Service.
  • Accounting.
  • Auditing.

EZ Quote Program facilitates incorporating premium financing into your quote and proposal process

• The AIS EZ Quote program enables you and/or your producers to arrange premium financing quickly and easily:

  • Data is transmitted directly to AIS via our Epitome® system.
  • There’s no need for cumbersome, pre-printed finance agreements.
  • Electronic transmission also eliminates the delays associated with mail.

AIS “Own Your Own” Premium Finance payment/reminder options help increase client retention; ensure regulatory compliance

• Payment/Reminder Options include:

  • Monthly bills mailed to your customers, rather than coupon books, increase client retention.
  • Insureds also have the option of receiving reminders by e-mail, fax or text messaging.
  • Payments can be made by mail, fax, online or by automatic funds transfer.
  • Funds are automatically deposited directly into an account in your name.

• Safeguards built into Epitome® ensure compliance with state regulations and that bills, late notices and cancellations are sent when they should be.

  • Addresses for third parties authorized to collect funds for insurers are verified on a regular basis to guarantee payments are going where they need to be.

• Insureds deal directly with us when it comes to billing and/or collections issues, so your people don’t have to.

24/7 access to real-time data on all activity related to YOUR commercial premium finance company

• Through the Website of Your premium finance company AIS “Own Your Own” Premium Finance and AIS “Epitome”® System give you 24/7 access to YOUR records and notices, including:

  • accounting records.
  • bank balances.
  • month-to-date activity.
  • insured accounts.
  • copies of late notices.
  • copies of cancellation notices.
  • copies of reinstatement notices.

• Correspondence:

  • Copies of other correspondence can be faxed or e-mailed to you and others that you designate in your distribution chain.

• Special Requests:

  • At your request, short-term holds can be placed on policies due to cancel.

• Financial Reporting:

  • We provide you with monthly and year-end financial statements and management reports designed to keep you fully informed on the status of your accounts – without bogging you down with paperwork or administrative concerns.

Interest Rate and Carrier Ratings Fluctuations

• To keep your investment safe and secure, we monitor fluctuations in interest rates and carrier ratings on an ongoing basis to keep you informed of changes that could impact you/Your “Own Your Own” premium finance company.

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